Designate a Beneficiary

Include Children’s National as a beneficiary of your retirement plan, such as a traditional IRA or 401(k) account, and eliminate income and estate taxes on that asset. To make a gift from your retirement plan, update the beneficiary designation form. You may request this from your plan administrator. Assets stay in your control during your lifetime and you can change the beneficiary at any time. 

Name Children's National as a beneficiary of your bank or credit union savings account, checking account or certificate of deposit through a payable-on-death account. Similarly, a transfer-on-death account allows you to designate Children’s National as a beneficiary of your stocks, bonds and mutual funds. Assets stay in your control during your lifetime. You are free to use the money to change the beneficiary or close the account. The account balance will go straight to Children’s National after your lifetime, bypassing probate court.

If you have more insurance coverage than your family obligations require, you can donate a hidden gift asset in a paid-up life insurance policy or employer-provided life insurance policy to Children’s National. Alternatively, you can take out a new policy on your life and name Children’s National the owner and beneficiary, thereby creating a future gift at a lower cost. If Children’s National is the owner and beneficiary of a policy, the premium payments are tax-deductible. Simply send an updated beneficiary designation form. You may request this from your life insurance company or employer.